Vehicle finance broker CarFinance 247 has partnered with Credit Kudos to improve its credit risk modelling and provide greater insight on affordability and risk.

Credit Kudos is an FCA-authorised credit bureau and account information service provider (AISP) that uses financial behaviour to measure customer creditworthiness. Through direct connections to the UK’s largest banks, Credit Kudos aggregates and interprets transaction data for use by lenders, brokers, and financial institutions.

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“Having evaluated all the Open Banking offerings on the market, we elected to work with Credit Kudos due to their superior credit decisioning track record and product capability,” said Alex Hurt, commercial director for CarFinance 247.

“Credit Kudos stood out from the competition with the ability to satisfy KYC, AML, Income and Expenditure and enhance our current credit risk model with an out-of-the-box solution. We are excited to see how Open Data revolutionises our industry and believe we are at the cutting edge now we have partnered with Credit Kudos.”

Freddy Kelly, chief executive and co-founder of Credit Kudos, added: “We’re excited to be working with CarFinance 247 as their Open Banking partner, to augment their credit risk modelling and to provide richer affordability and risk insights.

“As both an AISP and credit bureau, we combine both Open Banking and outcome data to make accurate credit risk predictions based on thousands of aspects of financial behaviour. We are thrilled to partner with a market leader to showcase our capabilities in credit risk modelling.”

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Earlier this year, Credit Kudos secured £2.2m in its latest funding round, led by Ascension Ventures. The company said funds would be used to support growth in the UK and accelerate expansion plans into Europe. Funds will also be directed to the development of Credit Kudos’ Open Banking app.

Kelly said: “This investment allows us to scale up our business to meet the demands of a post-Open Banking and PSD2 world. This funding will be used to expand our engineering and development team to continue to deliver first to market technology across our platform, as well as supporting expansion into wider Europe.”